Description
PROPERTY
The property occupies a prominent location within the Cornhill Quarter redevelopment with frontage onto Exchange Square. At ground floor level, the property comprises a large open plan retail space. The first floor contains WC facilities, storerooms/ offices and an expansive open plan space that would be suitable for restaurant or leisure purposes.
Location
The Cornhill Quarter is part of a £70m redevelopment aiming to rejuvenate Lincoln’s retail offering and city centre, encompassing Sincil Street, City Square and the Corn Exchange. The overall regeneration zone will deliver in excess of 150,000 sq ft of mixed use commercial space and has already accounted for significant improvements to city centre infrastructure links, including a new multi-storey car park and bus station.
The Cornhill Quarter contains a vibrant mix of occupants including restaurants The Botanist and The Cosy Club, national retailers such as Hobbs, Phase Eight, Whistles and HMV, a 4-screen Everyman Cinema and 200 Degrees Coffee.
Lincoln is the administrative centre and largest city in Lincolnshire with an urban population of 130,000 and a total catchment population of 545,000, giving it a total comparison goods expenditure of over £985m.
Services
Town & country planning
We understand that the property has consent for uses falling within Class E (Commercial, Business & Services Use) of the Town and Country Planning (Use Classes) Order 1987 (as amended).
Following changes to the Use Classes Order that came into effect on 1st September 2020, Class E now encompasses a number of uses including A1 (Shops), A2 (Professional & Financial Services), A3 (Restaurant & Café), B1 (Business) and D2 (Assembly & Leisure. )
Tenure
The property is available To Let by way of a new Full Repairing and Insuring lease, for a term to be agreed.
Service Charge
A service charge may be levied to cover the upkeep, maintenance and repair of all common parts of the development.
VAT
VAT may be charged in addition to the rent at the prevailing rate.
Legal costs
Each party is to be responsible for their own legal costs incurred in documenting the transaction.